The State of Utah has passed legislation that would allow gold and silver coins to be used as a legal tender in the State. This fiscal move is widely viewed as a hedge against the value erosion that the US Dollar is currently undergoing.
The new wave is not restricted to Utah, as a dozen states have proposed such a bill.
In Virginia, the legislature there has passed a bill (which is yet to be signed by the governor) that would allow the state to mint gold, silver and platinum coins. This is expected to protect the state from the scourge of high inflation.
In fact, a Virginia delegate tried to initiate a resolution that would allow the state to have its own currency, but the effort fell through. Recently, there were unconfirmed reports that China is on a move to opt for a gold standard.
The US had been on gold standard for a major part of the 20th century, but Richard Nixon decoupled gold from currency in 1971.
In November last year, World Bank President, Robert Zoellick called for considering by nations a return to gold standard to better accommodate currency fluctuations.
The Utah bill is yet to be signed by the State Governor. Once this is through, there are arguments that the legislation may spur the US Congress to consider adopting gold standard.
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